WASHINGTON – 12 June 2024 –Madonna’s final concert of her Celebration Tour pushed Rio de Janeiro’s hotel performance in May, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
May 2024 (year-over-year % change):
- Occupancy: 62.0% (+6.0%)
- Average daily rate (ADR): BRL729.06 (+19.9%)
- Revenue per available room (RevPAR): BRL452.14 (+27.2%)
On Saturday, 4 May, Madonna wrapped her Celebration Tour with a free concert on Rio de Janeiro’s Copacabana Beach, which attracted over 1.6 million fans, and resulted in the market’s highest daily levels for the month: occupancy (83.9%), ADR (BRL1,225.95) and RevPAR (BRL1,028.83). The daily ADR and RevPAR levels were also the highest since early February 2024, while occupancy was the highest since November 2023.
The second-highest occupancy levels were seen on Wednesday, 22 May (82.5%) – the second night of the FPSO Brazil Congress, which overlapped with the final night of the Argus Rio Crude Conference.
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Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 82,000 properties and 10.7 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
News Media Contact
Karolina Capova
Media Relations Executive – STR
media@str.com
About CoStar Group
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attract over 100 million unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
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